All about Mumbai Real Estate

by Maddy Rock Executive

The following article gives an overview about real estate market in Mumbai including a brief history, present scenario, future prospects, etc. During the global economic crisis, the city faced a slight shift in the interests among property hunters. However, presently the city has not only overcome the crisis but has marked a tremendous growth in real estate sector. Being a rising financial hub of India, the city has attracted huge crowd resulting in a surge in the demand for Mumbai real estate.

Mumbai is the economic hub of India. The city witnesses high immigration due to ample of opportunities available for students, job seekers and businessmen. All this has increased the demand for Mumbai real estate.

Brief History of Mumbai Real Estate:

The 19^th century marked an era of rise in IT sector in India. The city attracted IT hubs and various multinational companies within a short period of time. The situation resulted in an increase in property investors for finding space for residential and commercial purpose. The demand gave rise to the role of real estate companies who began to invest huge amounts in real estate projects. During 2000’s, investments in realty sector became a lucrative option for all investors.

The rates of Mumbai real estate skyrocketed during the period 2000 to 2006. However, during 2008, the global crisis hit Mumbai city, which resulted in decreasing the demand for luxury residential property by almost half. In 2009, the rates of Mumbai property started showing an improvement where national and foreign investors began to take interest in Mumbai real estate.

Current Scenario:  

Mumbai is one of the largest emerging economies in the world. The prices of real estate in Mumbai have shown remarkable increase in the last few years. Some of the areas that showed much hike in price included Cuffe Parade, Marine Lines, Ghatkopar East, Santacruz East, Santacruz West, Ghatkopar West, Malabar Hill, among others. The city is rapidly converting into one of the highly expensive cities in India, making it difficult for general masses to find an affordable house to live in.

What Can we Expect in Future:

Will real estate in Mumbai be affordable in coming years? Well, nobody has an accurate answer for it. However, we can expect Mumbai real estate rates to fall by next year due to the fact that a slight decrease is seen in property price in some areas like Kurla, Andheri East, Lowel Parel, Mulund, and Mahalaxmi, among others. The property market in Mumbai is dynamic and abuzz with various activities like project launches, Government policies, and business deals.

New Launches in Mumbai Real Estate:

Mumbai real estate market is full of surprises. Some of the latest launches in the city include:

·         Lodha Venezia, Parel

·         Rivali Park Wing D, Borivali East

·         Lodha Evoq, New Cuffe Parade

·         Mayfair Mystic, Ghatkopar East

·         Omkar Meridia, BKC Crossing

·         Parinee Essence, Kandivali East, etc.

Mumbai property seeks a huge demand from not only domestic investors but also foreign investors due to the scope of huge profitability in Mumbai real estate sector. The city of dreams has a lot in store for everyone!

Author Bio:

Swati Srivastava writes on behalf of 99acres.com, which is a well-known property search portal in India that provides useful information about real estate in Mumbai and other property news in India.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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